Credit Suisse plans 18.75%-19.75% autocall reverse converts on stocks

By Susanna Moon

Chicago, May 15 – Credit Suisse AG, London Branch plans to price 18.75% to 19.75% autocallable reverse convertible securities due May 31, 2019 linked to the least performing of the common stocks of Cleveland-Cliffs Inc., Ensco plc and United States Steel Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly, with the exact coupon to be set at pricing.

The notes will be called at par if each stock closes at or above its initial level on any monthly trigger observation date beginning Aug. 15.

The payout at maturity will be par unless any stock finishes below its 65% knock-in level, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.

Credit Suisse Securities (USA) LLC is the underwriter.

The notes will price on May 29.

The Cusip number is 22549JD31.

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